Bill > SB432

This bill makes the following key changes to the Renewable Energy Production Tax Credit in New Mexico: 1. It increases the amount of electricity that may be produced by qualified energy generators using wind, geothermal, or biomass resources that are eligible for the tax credit, from 2 million megawatt-hours annually to 2.5 million megawatt-hours annually. 2. It extends the deadline for a qualified energy generator to first produce electricity and still be eligible for the tax credit, from January 1, 2018 to January 1, 2023. 3. It decreases the amount of the credit per kilowatt-hour for certain taxable years, with the credit eventually phasing out completely for generators that first produce electricity on or after January 1, 2023. 4. It limits the period for which a taxpayer may claim the renewable energy production tax credit to 10 consecutive years. 5. It adds geothermal energy as a qualified energy source eligible for the tax credit.

Agriculture and Natural Resources, Transportation and Infrastructure

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=432&year=17